Brightoil to integrate industrial chain and internet

Brightoil Petroleum Holdings, a major Chinese private energy company, plans to integrate the oil industrial chain and the booming internet service to provide better services for users.

"Online storage of oil, based on our strong capability of offline oil storage, will be of great importance for users to reducing costs and increasing efficiency," said Yu Shangfeng, vice-chairman of Brightoil's e-commerce division.

The company, based in Shenzhen in Guangdong province, has recently introduced its third generation mobile application to provide real-time price risk and management tools for users.

"We are making efforts to stay ahead in a rapidly changing global bunker market by providing e-commerce service, which is better integrated into the oil industrial chain," said Yu.

The application, which is both iOS and Android compatible, is a mobile version of the online web platform, allowing users to store oil before the price picks up.

"The application will help greatly reduce costs for users. Oil will be stored offline by Brightoil if users make orders online," said Yu.

The company acquired two oil-producing blocks in Bohai Bay from the US oil and gas company Anadarko Petroleum Corp in 2014, helping increase its storage and production capacity.

Yu said the growing number of cars in China has provided huge opportunities for the company to introduce e-commerce service with integration of its traditional oil business.

"There will be huge market potentials in the offline oil business. Car users will be keen on making orders online in a fast-changing oil market as the e-commerce platform will help reduce price risks," said Yu.